McCormick v. Empire Accounts Service, Inc.

Mr. PRESIDING JUSTICE SIMON

delivered the opinion of the court:

John McCormick, the counterdefendant, was one of two co-founders in 1960 of Empire Accounts Service, Inc., a Chicago-based collection agency. He owned half of the company’s stock, and on March 31, 1973, he and the owner of the other half sold their stock to Daisy Corporation. By an agreement of the same date entitled “Employment Agreement,” Empire employed McCormick as a sales representative for a period ending March 31, 1978. On May 10, 1974, the term of the employment agreement was extended to March 31, 1982. McCormick worked as…